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BALDWIN HILLS CRENSHAW REDEVELOPMENT PLAN ENTERS NEXT PHASE OF PUBLIC REVIEW; SHOPPING CENTER IS ONE STEP CLOSER TO BECOMING A MIXED-USE HUB IN THE HEART OF THE CRENSHAW DISTRICT
Plans for the 43-acre property feature a new retail village, homes, offices, a hotel and acres of open space
LOS ANGELES, Calif. (December 22, 2014)— Plans to transform the Baldwin Hills Crenshaw mall property into a mixed-use development with new retail stores, restaurants, homes, offices, green space, and a hotel with banquet facilities took a step forward today as the City of Los Angeles initiated a formal public review and approval process for the 43-acre site.
Capri Urban Investors, LLC, a real estate investment and development firm that has owned Baldwin Hills Crenshaw since 2005, is embarking on ambitious redevelopment plan that builds upon the company’srecent $40 million upgrade to Baldwin Hills Crenshaw. That investment resulted in a top-to-bottom makeover of the existing mall, new state-of-the-art theaters, an outdoor promenade and other exterior upgrades.
This next phase of the long-term transformation of Baldwin Hills Crenshaw is expected to create thousands of new jobs and is estimated to provide hundreds of millions of dollars in direct investment for the Crenshaw district.
“Following our comprehensive $40 million revitalization that elevated the existing mall to Class-A status, Capri is excited to move forward with the next stage of development for Baldwin Hills Crenshaw,” said Ken Lombard, partner and president of Capri Urban Investors, LLC. “This project is poised to become the centerpiece for the Crenshaw district with new world-class retail, homes, offices, and hotel space.”
The focal point of the redevelopment will be a new open-air retail village with a grand entrance on the corner of Stocker and Crenshaw that will create a stronger connection to the surrounding community. The transformed Baldwin Hills Crenshaw will provideover 330,000 square feet of retail and restaurant space, including exciting new entertainment options, quality sit-down restaurants, fast-casual cafés, and attractive gathering spots connected via a landscaped promenade leading to the existing mall.
The transformation includes approximately 961 new residences – consisting of 551 residential condominiums and 410 apartments – with many of the units located above ground-floor retail stores. Residents of these modern homes will have acres of lush, open space and attractive amenities that may include swimming pools, play areas for children, half-court basketball courts, and recreation rooms for residents.
The proposed transformation includes additional features designed to improve the pedestrian experience and keep traffic moving, including widened sidewalks and walkways, striped and signalized crosswalks, new street furniture and bus shelters, and upgrades to key intersections around the mall.The entire development will also be conveniently linked to Metro’s Crenshaw Line, including an entrance to the new station being built on the west side of Crenshaw just south of Martin Luther King Boulevard.
The Baldwin Hills Crenshaw transformation will bring much-needed office and hotel space to the Crenshaw district.A new 400-room hotel will provide high-quality accommodations, meeting rooms, and sit-down restaurants. A banquet facility will also enable local organizations and neighbors to hold special events in a modern space. The design of the hotel tower incorporates elements of Baldwin Hills Crenshaw’s original International Style architecture with stunning, minimalist glass ribbons framing an outdoor garden and recreation space.
A new14-story office building would include an underground parking structure and landscaped open space. A penthouse level sits atop the main structure, featuring expansive views of the surrounding city. These offices will help attract new employers and services to the region by offering desirable space at competitive lease rates.
Plans also call for sustainable design strategies that emphasize recycling, conservation, energy efficiency, and the use of quality, durable products. The energy-efficient components and water conservation measures are expected to adhere to LEED Silver standards, and include installing energy-efficient lighting and cooling systems, solar energy technologies, low-flow toilets, faucets, and washers and dryers, along with native or drought-resistant landscaping.
The proposed project will be developed in multiple phases with specific timing to be determined, but completion is expected by the end of 2020.
Copies of the Draft EIR are available at www.transformingbhc.com.
About Capri Urban Investors, LLC and Capri Capital Partners, LLC
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. Over its 21 year history, Capri has demonstrated experience investing in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $4.044 billion as of March 31, 2014. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area. For more information, visit the company’s website www.capricapital.com.